REC receives USD 40 million for terminating a long-term wafer contract
(Thomson Reuters ONE) -
Sandvika, September 19, 2011: Renewable Energy Corporation ASA (REC) has agreed
to terminate a long-term wafer sales contract and receives USD 40 million cash
compensation.
In the period 2006 - 2008, REC entered into a number of long term take-or pay
wafer sales contracts and most of the contracts were supported by bank
guarantees. REC has now accepted to terminate one of these contracts and will
receive a cash compensation of USD 40 million in the third quarter 2011.
For more information, please contact;
Mikkel Tørud, VP & IRO; +47 976 99 144
Peder Poulsson, Investor Relations Analyst; +47 950 26 311
About REC
REC is a leading vertically integrated player in the solar energy industry.
Ranked among the world's largest producers of polysilicon and wafers for solar
applications and a rapidly growing manufacturer of solar cells and modules, REC
also engages in project development activities in selected PV segments. Founded
in Norway in 1996, REC is an international solar company, employing more than
3,900 people worldwide with revenues close to NOK 14 billion in 2010. Please
visitwww.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
[HUG#1547484]
Unternehmensinformation / Kurzprofil:
Datum: 19.09.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 66873
Anzahl Zeichen: 1985
contact information:
Town:
HØVIK
Kategorie:
Business News
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